KSA has published its VAT Draft Implementing Regulations

On Wednesday July 17th 2017 the Kingdom of Saudi Arabia (KSA) has published its Value Added Tax (VAT) Draft Implementing Regulations on its website. These are available for consultation.

Taxpayers have now been provided with the full legal detail to understand the potential impact of VAT, and their obligations to comply from 1 January 2018.  A VAT registration process for the largest businesses has already commenced, and the draft regulations state that all other persons liable for VAT will be required to register by the end of September. Our update on these developments is available for download.

The key question for businesses right now though is how long will it take my business to get ready? If your business has not already started now is the time for you to start preparing and analyzing in detail what the implications are.

After the continuous success of our VAT Academy throughout the GCC and more recently in May 2017, the Deloitte Middle East Tax practice has organized a KSA VAT Academy. The location and dates for the course are:

• Sunday 13 August – Al Khobar
• Monday 14 August – Riyadh
• Tuesday 15 August – Jeddah

The training will look at the draft KSA VAT law and regulations, as well as the broader GCC picture. It will also delve into the practical consequences for businesses at their different operational levels.  

The VAT Academy is intended to help affected businesses understand the likely scope and scale of VAT impacts, and what changes might be necessary to accommodate them.

Objective

The Deloitte VAT Academy is designed for legal, tax and finance experts who want to have a better view on the VAT legal framework. The course is aimed at analyzing the VAT framework and look further at the detailed consequences of the framework for a KSA business in its domestic dealings, and its business within the GCC and the wider world.

Topics covered will include:

• Background of the GCC reforms
• Basic VAT principles in the KSA VAT law
• Definition of Taxable persons
• Scope of VAT and what is zero-rated and exempt
• Place, time and value of supply in the KSA VAT law
• Type of supplies
• Liability to pay VAT
• Tax reporting and compliance
• Refunds
• Other internal supplies
• Transitional provisions

To register as an attendee, please click here.